How do you deal with wealth gaps long term in relationships?
Im mid 50s with a 29yo. We're both working and have good careers. As expected there's a pay and net worth gap but he's financially savy, doing well with his investments and lives within his means. No concern there he's done well for himself.
My concern is how to build a life with him and deal with inheritance when Im gone. I built my net worth before he came along and have kids to pass that on to. On the other hand, if he's my partner to the end, he deserves part of that. This is not something we've ever discussed and I have no concerns he's just with me for that.
We live separately atm. At some point we may move in together at my place. It's a unique property we both enjoy so moving to a new place is not really an option. As a divorced man, I want to protect myself and my kids but also be fair to my partner and recognize his contributions.
I have a will and have been actively dealing with estate planning with my own stuff and my parents so know about the mechanisms available. More interested in details on how couples have split things.
How do other couples deal with this? Do you have formal agreements in place? Would love to hear from others on how they handle this.
Would love to hear both young and old thoughts on this.